COMMITMENTS RAW RAWSONSBank GuaranteesWestpac has bank...

COMMITMENTS RAW RAWSONS
Bank Guarantees
Westpac has bank guarantees given by the
company for exploration permits , as follows:
EP97 50,000 50,000
PEL154 50,000 50,000
PEL155 50,000 50,000
ATP837 40,000 40,000
ATP893 12,000 12,000
ATP901 12,000 12,000
Total 214,000 214,000
These guarantees are secured by company term deposits
totaling $224,000 (30 June 2009: $228,316)
Exploration Lease Commitments
At 31 December 2009 material expenditure commitments existed in relation to exploration leases
and permits. The commitments are tabulated below. The actual expenditure may be more or
less than the amounts indicated and will depend on, amongst other factors, actual costs at the
time the expenditure becomes payable, foreign exchange rates, any variations to the terms of
exploration leases granted by lessors, whether or not the entity relinquishes its right to hold any
lease, any decrease in interest of the entity in any lease or the sale or farm-out of any lease.
Failure to meet any or part of the expenditure commitments in relation to an exploration permit or
lease is likely to result in the cancellation of the subject exploration permit or exploration lease.